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UK Mortgage borrowing 2.4% higher than a year ago

Monday, Jun 26 2017
UK Mortgage borrowing 2.4% higher than a year ago

The BBA’s latest data from the high street banks shows that consumer credit growth was 5.1% in May, compared with 6.4% in the previous month. Gross mortgage borrowing totalled £13.3 billion in May. Net mortgage borrowing was 2.4% higher than a year ago.

Eric Leenders, BBA Managing Director for Retail Banking said: “This month’s figures show that in the run up to the General Election, credit growth in personal loans, cards and overdrafts has slowed, which was reflected in lower spending; with increased household costs affecting growth in deposits and saving. Businesses appear to be weighing up their options before raising finance to fund projects or developments.  After a long period of subdued company borrowing, overall growth is starting to stabilise at a modest rate.”

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